GoPro Inc (NASDAQ:GPRO) shares are flying Monday after reports that YouTube star Markiplier has built a large stake in the camera maker. Here’s what you should know.
- GoPro stock is surging to new heights today. Why are GPRO shares rallying?
YouTube Star Markiplier Becomes GoPro’s Largest Shareholder
Mark Fischbach, the internet personality who built his audience under the name Markiplier, now holds an 8.5% position in GoPro, more than anyone else who owns shares in the company, according to Bloomberg.
The report states that Fischbach described spotting the stock at its current level and thinking it looked cheap, calling the whole thing a project he’d been quietly working on because he genuinely wants to see the company turn things around.
Fischbach has spent about 15 years building a YouTube following that now approaches 40 million subscribers, all without formal film training. This year he self-released “Iron Lung,” turning a $3 million budget into $51 million at the box office, shooting behind-the-scenes footage on GoPro cameras that he felt weren’t quite ready for the film’s actual production. That view shifted after he previewed GoPro’s upcoming Mission 1 Pro ILS, a sub-7-ounce interchangeable-lens camera the company says delivers footage comparable to professional film equipment.
GoPro shares are down more than 90% over the past five years. The company had a market cap of $110 million before jumping more than 30% on Monday.
GoPro’s Chart Shows a Short-Term Bounce Within a Larger Downtrend
With Monday’s move, GoPro shares have clawed back above the stock’s shorter-term trend lines, sitting 12.4% over the 20-day average of 64 cents and 4.9% over the 50-day mark of 69 cents, a zone that traders frequently treat as a near-term gauge of sentiment. However, the stock is still running 20.4% behind its 100-day average of 91 cents and 31.5% behind its 200-day average of $1.06.
MACD has crossed above its own signal line and the histogram has flipped positive, a combination that typically means selling pressure is losing its grip compared to where things stood during the slide. Translated simply, buyers appear to be gaining the upper hand in the short-term skirmish even though the broader downtrend remains unresolved.
On the charts, 91 cents stands out as resistance, matching up with the 100-day average and marking a spot where rallies inside a longer bear market have historically fizzled, while 69 cents serves as the support level to watch, sitting near the 50-day line where traders will be looking for confirmation that this bounce has real staying power.
GPRO Shares Are Surging
GPRO Price Action: GoPro shares were up 33.34%, trading at approximately 80 cents at the time of publication on Monday. The stock has a 52-week high of $3.05 and a 52-week low of 57 cents, according to Benzinga Pro.
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